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Dirk Meuleman, a senior executive at Netherlands-based pension fund adviser Mn Services and one of the more outspoken critics of buyout firms’ reluctance to address succession issues, has left to become a portfolio manager at the pension fund asset management arm of oil giant Shell.

Meuleman, who was one of four portfolio managers at Mn Services, moved last week, according to two people with knowledge of the situation.
Mn Services is regarded as one of Europe’s most influential private equity investors, and has total assets under management of more than €70bn. It is unclear who will replace Meuleman at the organisation. Corne Roest will remain as the head of the team.

The development comes just over a year after Jos van Gisbergen, a senior fund manager at Mn Services, left to join pension fund manager Syntrus Achmea.

Writing in Private Equity News in June Meuleman said: “Some funds simply push back succession and are led by managers who have grandchildren older than some of the firm’s associates.”

At Shell he will be a portfolio manager for private equity and infrastructure. Shell Asset Management manages Shell’s UK and Dutch pension funds. The UK pension fund has about £12bn of assets and a 7% allocation to private equity. The Dutch pension fund has about €18bn under management, 20% of which is in alternatives.